JPMorgan: Our Loan Program Is Better

JPMorgan Chase (JPM Quote) CEO Jamie Dimon on Wednesday said the bank's efforts to prevent foreclosing on home loans, including those picked up in its recent acquisitions, go beyond the federal government's latest proposals.

Dimon said the primary difference between JPMorgan's plan and the one proposed by the government to renegotiate delinquent loans held by Fannie Mae (FNM Quote) and Freddie Mac (FRE Quote) is that the bank is attempting to get a hold of customers "before" they become delinquent.

"We're a little worried about these programs that modify the mortgages after they are delinquent," Dimon said during a lunch presentation at the Merrill Lynch Banking & Financial Services Conference on Wednesday. "We think we are doing more than what was announced by [Fannie and Freddie Tuesday]." ...